In trading on Thursday, shares of Peregrine Pharmaceuticals Inc.'s 10.50% Series E Convertible Preferred Stock were yielding above the 12% mark based on its quarterly dividend (annualized to $2.625), with shares changing hands as low as $20.34 on the day. As of last close, PPHMP was trading at a 11.40% discount to its liquidation preference amount.

In trading on Thursday, shares of Peregrine Pharmaceuticals Inc.'s 10.50% Series E Convertible Preferred Stock ( PPHMP) were yielding above the 12% mark based on its quarterly dividend (annualized to $2.625), with shares changing hands as low as $20.34 on the day. As of last close, PPHMP was trading at a 11.40% discount to its liquidation preference amount. It should be noted that the preferred shares are convertible.

The chart below shows the one year performance of PPHMP shares, versus PPHM:

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On 12/17/14, Peregrine Pharmaceuticals Inc.'s 10.50% Series E Convertible Preferred Stock will trade ex-dividend, for its quarterly dividend of $0.6562, payable on 1/2/15. As a percentage of PPHMP's recent share price of $22.70, this dividend works out to approximately 2.89%, so look for shares of PPHMP to trade 2.89% lower — all else being equal — when PPHMP shares open for trading on 12/17/14.